Home Business News Law Union & Rock Insurance Plc declares final dividend for FY 2018

Law Union & Rock Insurance Plc declares final dividend for FY 2018

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Law Union & Rock Insurance Plc has declared a final dividend of 0.02 kobo per 0.50k ordinary share, for the financial period ended Monday, December 31, 2018.

Come Wednesday, June 26, 2019, the dividends will be paid electronically to shareholders whose names appear on the Register of Members as at Friday, May 31, 2019. Only shareholders who have completed the e-dividend registration and mandated the Registrar to pay their dividends directly into their bank accounts will receive payment on the date above.

While the Register of Shareholders will be closed from Monday, June 3, 2019, to Friday, June 7, 2019, the qualification date has been fixed for Friday, May 31, 2019.

Understanding Dividend: A dividend is a payment made by a company to its shareholders, usually as a distribution of profits. When a company earns a profit or surplus, it reinvests a portion of the profit in the business (retained earnings) whilst paying a portion as dividends to the shareholders.

Distribution to shareholders may be in cash (usually a deposit into a bank account) or the issuance of further shares, otherwise known as shares repurchase. But this is usually if the company has a dividend reinvestment plan.

In other words, a dividend is allocated as a fixed amount per share with shareholders receiving a dividend in proportion to their shareholding. For the joint-stock company, paying dividends is not an expense; rather, it is the division of after-tax profits among shareholders.

Q1 Financial results: Law Union & Rock Insurance Plc recorded a Gross premium income of N1.1 billion in the first quarter of 2019 as against N1 billion in the corresponding period of 2018.

The company’s profit before tax stood at N76.8 million in 2019 as against N132 million in 2018. Profit for the period stood at N65 million in 2019 as against 112 million in 2018.

About Law Union & Rock Insurance Plc: The company provides non-life insurance products in Nigeria.

Law Union & Rock Insurance Plc is currently trading N0.44 on the floor of the Nigerian Stock Exchange (NSE).

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